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Monday, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
 The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on December 5th, 2008 .The first day of February commenced with the BDI closing at 662 points, the lowest level that the market has seen in the last 26 years and ongoing fears for the operational profitability of dry bulk players for the year ahead. During the last week, the BDI showed an upward trend by gaining for four consecutive days more than 10 points, but it is still trading below the psychological barrier of 1,000 points mark. Overall, the BDI closed on Friday of February 10th at 715 points, up by 10.5% from last week’s closing, with the panamax size outperforming over other vessel categories. All vessel sizes apart from handysizes showed upward movements from the trading bottom lows that hit shipping operators during the last days of January. The BPI showed a remarkable 39.5% week-on-week increase in contrast with a 4.1% week-on-week fall in the BHSI.
For large size vessels, capesizes, conditions remain very weak with the market needing more cargo input to absorb the oversupply headache. The Baltic Capesize Index remained almost stable, up by 1% week-on-week, by gaining 21 points from previous week, by closing at 1457 points with activity in the Atlantic market being slow from very limited cargo demand, while interest from Brazil to China is scarce. The heavy weather in the ports of Australia and Brazil, the main iron ore producers, along with the Chinese ban on the entrance of Vale’s mega very large ore capes into Chinese ports have created more downward pressure in the already fragile market given the slow Chinese steel activity during Chinese New Year.
The panamax market seems to be the first one that has shown strong signs of recovery from the end of Chinese holidays with the sentiment being improved for Atlantic traders and a flurry of period activity from firm South American demand. The BPI closed at 967 points, up 274 points, recording a remarkable increase from previous week and showing healthier average time charter earnings. For supramax vessels, condition in the Atlantic market is still in the doldrums with some improvement reported in the Pacific market. The BSI showed a better performance than capesizes by moving 6% higher than previous week and hopes for a firmer rebound in the following days. The BHSI lost 16 points by recording a 4% week-on-week decline as it seems that the large percentage of overaged vessels in this category has started to stress the market significantly and more intense scrapping activity is needed.
Will the BDI continue its upward movement? Will capesizes find a firmer support? The iron ore demand and China’s economic activity are the two key factors for the revival of dry operators.
BHP Billiton, the world's no. 3 iron ore miner, said in Reuters that fundamentals for iron ore demand remain strong, with Chinese steel making expected to pick up following the lunar New Year and with Indian iron ore supplies lagging expectations. Furthermore, Anglo American’s Kumba Iron Ore CEO Chris Griffith said that global iron ore demand is likely to improve over the medium-to-long term. Global demand for iron-ore would remain dependent on steel manufacturing in China, which accounted for more than two-thirds of demand, but which had had a relatively subdued second half during 2011. The JSE-listed miner held a positive view on the market from the second half of 2012. But over the first six months of 2012, the iron-ore market was expected to maintain its current market conditions. Zhu Hongreng, Chief Engineer of Ministry of industry and Information Technology of PRC, pointed out that China steel industry is to encounter tougher challenging in 2012 due to heightened unbalance between supply and demand arising from dwindling demand and further squeezed profit margin of domestic steel mills on rising iron ore prices.
However, the economic activity of China gives weak signs and brings some uncertainty regarding the Chinese import and export market sentiment. According to Custom’s Administration, China’s exports is estimated that dipped by 0.5% from a year earlier, the first decline in more than two years, raising fresh concerns about the impact of a global slowdown on its economy. Imports fell by 15.3%, resulting in a trade surplus of $27.3bn (£17bn) which was a six-month high. Analysts said while the closure of establishments during the Chinese New Year affected the numbers, the decline could not be attributed to the festival alone.They said that the bigger-than-expected drop, especially in imports, was worrying as it gave an indication of slowing growth. A fall of over 15% in January cannot be entirely explained by the lunar calendar, and adds weight to the view that economic output is slower than headline indicators might suggest
The China Federation of Logistics and Purchasing reported that the import index for January fell to 46.9 from 49.3 in the previous month, showing slowing demand at home. Despite these numbers, analysts said the dip was likely to be short-lived and imports may start to rise in the coming months.
Even the latest statistics data reveal a strong impact of the debt crisis on China’s trading activity; we will wait to see what the first quarter of the year will bring since January data usually give a distorted picture.
Source: Maria Bertzeletou, Hellenic Shipping
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Thursday, 08 December 11
HAREDA KRIDA GETS CONTRACT FROM BAYAN - INSIDER STORIES
Insider Stories reported that, coal miner PT Bayan Resources Tbk (BYAN), through its subsidiary dubbed PT Gunungbayan Pratamacoal (GPB), has signed ...
Thursday, 08 December 11
CAPESIZES LIFT DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize vessels yesterday helped lift the dry bulk market which had been falling since the start of the week on lower cargo demand. As a result the ...
Wednesday, 07 December 11
ABM INVESTAMA EYES RP6.3 TRIO REVENUE - INSIDER STORIES
Insider Stories reported that, an energy integrated company PT ABM Investama Tbk is eyeing a 1.5 folds increase in revenue this year from Rp4. ...
Tuesday, 06 December 11
DRY BULK MARKET ENDS RALLY, STARTS WEEK WITH FALL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a series of increases which saw the dry bulk market’s benchmark, the Baltic Dry Index (BDI) increasing close to 1,900 points and rates o ...
Monday, 05 December 11
THE DECEMBER HBA FELL 11% FROM ITS PEAK AT US$127.05 PER TON IN FEBRUARY 2011
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the December 2011 coal reference price at US$ 112.67 per ton US$ 3.98 ...
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- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
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